Freeport to sell 13% stake in Morenci mine for $1B

• Freeport-McMoRan (NYSE:FCX) has agreed to sell an additional 13% stake in its Morenci mine to Sumitomo Metal Mining (OTCPK:SMMYY) Japan's second-biggest copper producer, for $1B in cash.
• The deal will take Sumitomo's share in the Arizona based open-pit copper mining complex to 28% from 15%.
• Freeport expects to record a gain of about $550M on the transaction and expects it to close in mid-2016.